Tag Archives: income property

Coming Soon! 2 BD I 1 BA Silver Queen West

Coming Soon! 

$350,000
Silver Queen West
7325 Ryan Gulch Rd. #D-7325
Silverthorne, CO 80498

Open House
Sunday, May 20th
11am – 2pm


  • $350,000
  • 2 Bedrooms / 1 Bathroom
  • 770 Sq.ft.
  • Beautiful views of the Continental Divide & Lake Dillon
  • Sold mostly furnished
  • Great rental potential!
  • Dues are $491.50/Mo. and include common area maintenance, common taxes, heat, insurance, snow removal, management, trash pickup, and water/sewer.


Floorplan:


Contact me today to schedule a showing or for more information!

 

Under Contract! I Dillon Valley East

under contract953 Straight Creek Dr. #S-306
Dillon, CO 80435
$166,000

After multiple offers this quintessential mountain condo is under contract! Contact me for comparative market analysis of your home!

MLS Link

Play VisualTour


This quintessential 1 bedroom, 1 bathroom condo is going to be your ideal mountain sanctuary. Centrally located to all of the major ski resorts and convenient to I-70, the location cannot be beat! Enjoy access to the pool, hot tubs, tennis courts, basketball courts, hiking trails, bus route and more! Take pleasure in the sweeping mountain views from your sizable deck. The pristine, vintage condition is just waiting for your personal touches.


  • $166,000
  • 1 bedroom, 1 full bathroom
  • 584 sq ft
  • Sold partially furnished
  • Top Floor, Corner Unit
  • HOA dues are $354 per month and include heat, cable TV, water, sewer, trash, common area maintenance, common taxes and common insurance
  • Clubhouse has a pool, hot tub, tennis courts, basketball courts and more!
  • Learn more about Dillon, CO

For a showing or more information please Contact Me


MLS Information


Floor Plan:

Floorplan2


For more information about listing your property please contact me:

Skinner Team and KW

What the Owner Has to Say…

About the Dillon Valley Neighborhood:

If you didn’t know, 953 Straight Creek Dr # S-306 went on the market April 15th. Take a peek at this amazing 1 bedroom/1 bathroom condo that is centrally located to all of Summit County’s major resorts in Dillon Valley, Colorado.

dillon image

Dillon is a wonderful and lively community located right along Lake Dillon. Only a ten minute drive to Keystone Resort, or twenty minute drive to Breckenridge it is perfectly situated for your winter and summer fun. Slightly quieter than Breckenridge it offers a great mountain escape for the whole family.

 

I asked the current homeowner what they loved about living in the neighborhood and this is what he had to say:

Things I like about the neighborhood:

  1. Its fairly quiet
  2. Can get to most of the places we like to go (Copper Mt, hiking trails, etc) quickly.
  3. Close to the amphitheater, restaurants, etc

Location, Location, Location. Dillon Valley is the perfect location for any of your winter or summer activities in Summit County.  The unit also has a great floor plan and modern updates. Buyers are looking for units like this!

If you’re a seller looking to list or just want more information on the Summit County market, contact me!

Skinner Team and KW

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Open House Today! April 17th

OPEN HOUSE TODAY! 

Monday, April 17th
11a – 3p

953 Straight Creek Dr. #S-306
Dillon, CO 80435


MLS Information


Play VisualTour

This quintessential 1 bedroom, 1 bathroom condo is going to be your ideal mountain sanctuary. Centrally located to all of the major ski resorts and convenient to I-70, the location cannot be beat! Enjoy access to the pool, hot tubs, tennis courts, basketball courts, hiking trails, bus route and more! Take pleasure in the sweeping mountain views from your sizable deck. The pristine, vintage condition is just waiting for your personal touches.


  • $166,000
  • 1 bedroom, 1 full bathroom
  • 584 sq ft
  • Sold partially furnished
  • Top Floor, Corner Unit
  • HOA dues are $354 per month and include heat, cable TV, water, sewer, trash, common area maintenance, common taxes and common insurance
  • Clubhouse has a pool, hot tub, tennis courts, basketball courts and more!
  • Learn more about Dillon

For a showing or more information please Contact Me


Floor Plan:

Floorplan2


For more information about about this listing please contact me:

Skinner Team and KW

What the Owner Has to Say…

About 953 Straight Creek Dr. #S-306

If you didn’t know, 953 Straight Creek Dr. #S-306 went on the market Wednesday, April 12th. Take a look at this amazing 1 bedroom/1 bathroom condo that is centrally located to all of Summit County’s major resorts in Dillon Valley.

banner2

I asked the current homeowner what he loved about the property and this is what he had to say:

Things I liked about my home:

  1. Easy access. There are 2 ways in and out [of Dillon Valley] and traffic doesn’t get as bad as over in Breck.
  2. The way the afternoon sun comes thru the slider and makes it easy to nap after skiing.
  3. Its a lot easier driving up on a Friday night rather than [Saturday] morning ski traffic
Play VisualTour

For a showing or more information please contact me!

new name slate

Skinner Team and KW

Just Listed! Dillon 1bd/1ba Condo $166,000

953 Straight Creek Dr. #S-306
Dillon, CO 80435
$166,000

Open House
Satruday, April 15th
12pm – 4pm

MLS Information


Play VisualTour

This quintessential 1 bedroom, 1 bathroom condo is going to be your ideal mountain sanctuary. Centrally located to all of the major ski resorts and convenient to I-70, the location cannot be beat! Enjoy access to the pool, hot tubs, tennis courts, basketball courts, hiking trails, bus route and more! Take pleasure in the sweeping mountain views from your sizable deck. The pristine, vintage condition is just waiting for your personal touches.


  • $166,000
  • 1 bedroom, 1 full bathroom
  • 584 sq ft
  • Sold partially furnished
  • Top Floor, Corner Unit
  • HOA dues are $354 per month and include heat, cable TV, water, sewer, trash, common area maintenance, common taxes and common insurance
  • Clubhouse has a pool, hot tub, tennis courts, basketball courts and more!
  • Learn more about Dillon

For a showing or more information please Contact Me



Floor Plan:

Floorplan2


For more information about about this listing please contact me:

Skinner Team and KW

Tax Season Is Around The Corner

Summmit Mountain Rentals has an amazing blog on their website to help renters and homeowners. A great post for this time of year is their “A Step-by-Step Guide to Vacation Rental Taxes”. It is important as an income property homeowner to know what steps to take this tax season. 


A STEP-BY-STEP GUIDE TO VACATION RENTAL TAXES

By

Mark Waldman13 Apr 2016Homeowner KnowledgePost a Comment

It’s that time of the year again: taxes. For vacation rental property owners, that getaway property in the mountains (or near the beach, etc.) does add another level of complexity to your overall tax picture. And if you’re thinking of buying a vacation property, it’s important to understand the ins and outs of vacation rental taxes, whether you’re planning to manage the unit yourself or work with a property management company like Summit Mountain Rentals.

Here’s an overview of vacation rental taxes in our area, specifically Breckenridge, Blue River and Frisco, Colorado. The good news is that with some foresight and planning — and as with all taxes, not waiting until the last minute to prepare and file — it’s all manageable.

Lodging and/or Business License
Most cities and towns require some form of this. Here’s how it breaks out for the towns where we manage vacation properties:

If you’re working with a property management company, let the town know and they will not bother you; your management company should handle this payment from your account. If you’re managing your property yourself, make sure you keep your license up to date by paying your fees annually.

Sales Tax: State, County and City
Collecting and paying sales tax is crucial. Why? Simply put, not doing so is a crime. Whoever is collecting the rent and taxes for your property should be responsible for making the tax payments to the governing bodies. State, county and city taxes all vary from area to area — as due the schedules for filing them — but the basic process for handling them is the same.

Here are the combined sales tax rates (including state, county, city and any applicable lodging taxes) for our area:

Summit County and State of Colorado taxes can be remitted together here.

Property Tax: County
Depending on how your loan is structured, this is either paid directly by the owner or paid by the mortgage company as part of an escrow account. With this type of loan, homeowner insurance payments are often part of the loan package and paid by the mortgage company as well.

Whether paid by the owner or mortgage, property taxes typically fall within the responsibilities of the owner. One exception: We do have some owners who live outside of the United States, and it’s much simpler for everyone if we pay their property taxes out of their account.

Income Tax: IRS and State
Most people who’ve ever filed taxes for a business know how this works — and your vacation home is, essentially, a business:

  • By the end of January, your property management company will provide you a 1099-MISC form showing all your rental revenue for the previous tax year. The company is required to submit a copy of the 1099 to the IRS. Make sure you get a summary of expenses as well.
  • If you’re managing your property, you should have complete records of all your rental income and expenses.
  • Using the income and expense records, complete IRS form Schedule C (Form 1040), Profit or Loss From Business and submit with your federal tax returns. The total profit or loss from this form will be included on your state return as well.

Of course, a good property management company will be familiar with all of this and be able to help you every step of the way. But if you’re doing it yourself — and despite your best intentions, at the last minute — we’re happy to help. You can call me directly for advice at no charge:

Mark Waldman, Owner, Summit Mountain Rentals, 970-423-7382

Your Score On VRBO & HomeAway

As many people may have heard, VRBO and HomeAway were purchase by Expedia in December. Their goal is to make booking a vacation home as easy as booking a hotel room. In order to accomplish this goal, VRBO will start prioritizing listings that provide travelers with the best overall experience. That means that as a homeowner, you are going to have to put a lot more effort into your listing so that your property appears within the top search results. You can review the Listing Quality Scorecard on HomeAway located in your dashboard on a regular basis. The category that appears at the top of your scorecard will have the greatest impact on the performance of your listing so be sure to prioritize your efforts. Below is a synopsis of some of the factors that VRBO will be using to score your listings… 

Response Time

The faster you respond to an inquiry, the more bookings you are likely to receive. Responses made within 24 hours will maximize your quality score, but studies show that travelers are even more likely to book when owners respond immediately. Send an auto email to all inquiries or use the Book it Now feature. 

 Traveler Reviews

The review quality score takes into consideration two factors: first the number of reviews you have, and second the age of your reviews. To receive the highest score, your property should have at least 12 reviews and you should continually focus on acquiring new ones. Don’t forget to ask your guests to review your listing every time. It is not obtrusive to ask for reviews a second time. A personalized note to your renter goes a long way.

 Calendar

To get maximum credit in this area, be sure to update your calendar frequently. Keeping your calendar up to date also helps to prevent issues like double bookings. If your calendar has not been updated in 60 days, your listing may be removed from search results entirely.

 Online Bookings & Payments

Travelers want the option to book online. In order to improve this quality score, you will need to accept online bookings and payments directly through your listing.

Photos

Nothing has the potential to impact the performance of your listing more than photos. To receive the best quality score possible, upload 24 high-quality photos that accurately represent your home. Anything less than 24 will cause you to have a lower score.  Professional photos are highly recommended.

 Quotable Rates

Travelers often search for properties based on the price they’re willing to pay. Activating quotable rates will improve your quality score and your property will be included when travelers search by rate.

 Location

Improving your location quality score is as simple as providing HomeAway with a valid address. Your exact address will never appear on your listing, but this is necessary to help travelers locate your property on map related searches.

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RENTING YOUR VACATION HOME YOURSELF? AVOID THESE FIRST-TIMER PITFALLS

Summit Mountain Rentals (a property management company in Summit County) has some great advice for first-time second homeowners who are looking to rent their property. 


RENTING YOUR VACATION HOME YOURSELF? AVOID THESE FIRST-TIMER PITFALLS

By

Mark Waldman

If you’re renting your vacation home for the first time, it’s easy to fall victim to what we call “first-timer pitfalls.” Renting your vacation home is a business. Unfortunately, many forget this and treat renting their home too casually or forget to consider the consequences. Running a business, even a small one like renting your property, takes time, effort and thoughtfulness.

Here are the top things to never forget:

Pay your taxes
In the beginning of the vacation rental market, governments were not too worried about a single homeowner paying sales tax. But with the advent of VRBO, AirBnB and other online channels of sale, vacation rentals by owners is big business — with big revenue. Local tax entities no longer look kindly upon a “casual” attitude toward paying taxes. The last couple of years, city, county and state governments have offered amnesty to homeowners for back taxes as long as they start paying current taxes. However, these types of programs are going away.

If you are renting your property, you owe sales tax — and not paying sales tax is a crime. If you have not been paying sales tax, start now. Remember, it does not affect your rental’s price. Everyone expects to pay sales tax on top of the price you list; you just need to tell your guests and charge them for it. There is no reason to risk criminal action, so pay your taxes.

Need help? Check out this great article on vacation rental taxes.

Get professional pictures of your rental
Yes, this costs money. But the difference in revenue, guest satisfaction and just plain pride in your home calls for professional pictures. And, unless you sell photography for money, you are not a professional photographer. The number one way to distinguish yourself from other properties in the sales process is to have great pictures. Homeaway/VRBO is now building algorithms to determine if you have good pictures; if so, you get a higher spot in their listings. This will become standard in the market. Not only do good pictures generate better income; it makes for happier guests. The number one way to make a guest happy is to meet or exceed their expectations. So take lots of great pictures and let your guest know exactly what they are getting. You will make them happier, generate better income and reviews, and just make your life easier.

Upgrade your vacation home
If you walk into your vacation home and say “Wow, I really like being here,” so will your guests. Think of it this way: going cheap gets cheap — and going nicer gets nicer. If you furnish and treat your home like a “rental,” then your guest will do the same. If you furnish and treat your home like a beautiful home, then your guests will do the same. Nicer homes have much less wear and tear because guests love them and come back. I always advise my owners to make their home something they love to come to. It always works — guests know the second they come into a home whether the owner cares about their property. And, it will generate more money for you. The number one way to increase price and sell more nights is creating repeat guests. People come back to places they like. Making your home spectacular not only makes you feel good when you visit, it makes your guests feel good and makes you more money through higher rates and higher occupancy.

Need help? Check out these great articles on updating vacation-home kitchens and bathrooms.

A bad bed is just a bad bed
Have you slept or at least tried to take a nap on all the beds in your vacation home? If you haven’t, do it. One bad review about mattresses can make you lose a lot of guests. People don’t call and ask if you replaced a bad mattress they read about in a review; they just don’t come. If you get a complaint, go try to sleep on the bed. If your mattresses are 10 years old … they are 10 years old! Replace them. The primary function of a vacation home is to sleep. Often your guests will not even eat in the home, but they all sleep in the home. If you don’t give them a good night’s sleep, nothing else matters.

Need help? Check out this great articles on updating vacation-home bedding.

Have local resources ready
Now that you have found your renters, collected their money and checked them in — what happens next? Why, Murphy’s Law, of course: “Anything that can go wrong, will go wrong.” The TV won’t work, the heat goes out, the air conditioning goes out, the fire alarm goes off, the water doesn’t come out of the master shower … and so on. Almost no one realizes how often things go wrong in their own home … we just take care of it. But in your vacation rental — for which someone is paying good money — you now have to take care of the same issues for someone else. And, you’re a 1000 miles away.

It is imperative that you not only have names and numbers of good local vendors (plumbers, electricians, etc.) but that you have interviewed them. You need to know if the plumber will come out on a Sunday night at 10 p.m. (You do know that toilets only overflow on a weekend night, right?) You need to know that your audio video resource will be able to fix the TV on Super Bowl weekend (again, this always happens!). You need to know that electrician will go out and fix the power at 1 a.m. so the house does not freeze. There is nothing worse than having a guest yelling at you over the phone because their 2-year-old child has been sleeping in a freezing cold or overheated room for four hours. Be prepared … and know your resources.

Pricing is important
Don’t be fooled: Having every date sold in July 2016 by the end of August 2015 the previous year is not “great.” It means your pricing is WAY TOO LOW. Not only have you lost out lots of revenue, you have probably rented to the cheapest and least respectful people. The same is true for not having July 4 booked by June 15. In this case, your pricing is probably WAY TOO HIGH.

So … pricing is very important. You need to sell your property, but you don’t want to give it away. The trick is research and paying attention. Do a quick search of the vacation homes that are similar to yours. How are they priced? Now do you want sell your home before them (price yours slightly lower) or after them (price yours slightly higher). Then pay attention. if your home is selling too fast, raise the price. If it is selling slowly, lower the price.

Renting a vacation home is a job
It takes time. Don’t fool yourself. If you want to do it yourself, make sure you have the time to do things right. What I’ve discussed here is just a small part of what it takes to rent your vacation home yourself. If you take the time and do it right, you can make good money. But if you don’t have the time or don’t like doing it, no amount of money made will be worth the aggravation.

So, try it! You’ll know quickly if you like it. If you don’t like doing it, get a good property management company do it for you. Either way, USE YOUR HOME AND ENJOY IT. I have found that owners who visit their vacation home often have the happiest guests. If you are happy with your vacation home, then others will be happy too.

If you have any questions about renting your vacation property yourself, call me! I’m happy to talk with you and help you get started. Here’s my number:

Mark Waldman, Owner, Summit Mountain Rentals, 970-423-7382

Or, shoot me an email. You can also post any questions (or tips) on vacation rentals in the “Comments” section below.